A reader recently wrote to New Orleans Business News detailing a familiar situation – the household had a 23-year-old son who had moved back in after college while both grandparents had also moved into the house. The question posed by one of the heads of the household was, "How can I better manage my finances while still trying to save for retirement?" The news source recommended a few ways that the sandwich generation could try and maintain a steady savings account:
Plan expenses for dependents. Parents and adult children may quickly become reliant for funds and it's important to discuss finances with them as soon as possible. This way, the family can outline a plan and may even encourage people to chip in.
Install elderly alert system. While not one of the news provider's suggestions, a medical alarm in a home can be an invaluable addition. This way, caregivers can go to work knowing that senior parents will be able to instantly request assistance if there is an emergency.
Avoid debt. It may be too late to completely dodge debt burdens, but it's never too late to stop using credit cards and loans. This can make financial goals much more feasible, as an end-goal will help one prioritize.